CDS Rerack: It's A Risk Off Day

Tyler Durden's picture

After three days of tightening across the board borne out of nothing but hope about hope, it appears that the ghost of insolvent European governments is back, as reality starts coming back.

                        5Y                     10Y          5/10's                           
ITALY            450/460  +10        431/445      -23/-7                             
SPAIN            371/381  +16    353/369      -19/-3                             
PORTUGAL   1120/1160 +20    855/925    -280/-220                           
IRELAND       690/730  +10        525/595    -180/-120                           
GREECE          59/63  0            60/64      -0.5/2.5                                                                                                             
BELGIUM      287/297  +8      284/298      -6/4                               
FRANCE        177/181  +5        190.5/200.5    14/19                             
AUSTRIA       159/169  +6        173.5/183.5    12/17                             
UK                 92/96  +5          107/113      14/18                             
GERMANY     100/104  +5      119/125      17/21

XO 815/820 +6    MAIN 191.5/192.75 +3.5
ITRAXX Sen Fin 256.5/259.5 +7   Sub 513/525 +35

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Sequitur's picture

Wait till Chinese markets start trading Sunday.

HITMAN56's picture

Indeed...preparing popcorn, Chilean Shiraz, SBUX, Cubano Cigars...enjoy the show!

ZeroPower's picture

Yes, this was seen yesterday late afternoon/midday EST. Range yest. for Itxx Sen Fins was 20, closed decently. But SUB Fins really told the story, 40bp range, closed near wides. Also offer constantly being worked, again no size going off (sold) so people not willing to sell their protection will not many MMs willing to take the other side of your trade unless you offer up decent size, in which case forget about getting the quoted price.

All about skew basis trades. In cash bonds however, virtually NO buyers. Only sellers. Today some follow through.

LongSoupLine's picture

All that matters is what walking phallic symbol, Neil Cash-Carry, of screw it, it's always Goldman, is on CNBS pumping hope up my ass.

msmith's picture

Bearish USD Index in the short term.  The EURUSD may be preparing to resume the downtrend, but the AUDUSD may continue to correct higher.  It looks like some downside consolidation is ahead for the S&P Index but more upside should follow.

LongSoupLine's picture

Mark (Corky) Zandi of Moody's on CNBS saying, "Banks well capitalized...banks, homes and businesses have finished deleveraging..."

What a complete fuctard! (and great conta-indicator)

Herman Strandschnecke's picture

'finished deleveraging' = given up trying against all odds.

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